Question

Mardi received an inheritance of $94,000. She invested part in an account earning at 5% annual interest and deposited the remainder in tax-free bonds earning 3% annual interest. Her total annual income from the investments was $3548. Find the amount invested at 5% to the nearest dollar.

Answer 1

She invested part in an account earning at 5% annual interest = $36400

Step-by-step explanation:

Given:

Mardi received an inheritance = $94,000.

She invested part in an account earning at 5% annual interest

deposited the remainder in tax-free bonds earning 3% annual interest.

Her total annual income from the investments was $3548

To Find:

The amount invested at 5% to the nearest dollar.

Solution:

Let the amount mardi invested in an account earning at 5% be x

Then the remaining amount she deposited in tax-free bonds earning at 3% annual interest is 94000 - x

So according to question

`((x*5*1))/(100)+((94000-x)*3*1)/(100)=3548`

`(5x)/(100)+((94000-x)*3)/(100)=3548\\`

`(5x+282000-3x)/(100)=3548`

`282000+2x=3548*100`

`282000+2x=354800`

`2x=3548100-28200`

`x=(72800)/(2)`

x=36400